(RTTNews) - The price of crude oil was rebounding from its three-session losses Monday morning after EU envoys agreed to embargo Iranian oil from the start of July.
Light Sweet Crude Oil (WTI) futures for March delivery, the new front month contract, were up $0.81 to $99.14 a barrel. Last week, oil oil ended lower on concerns over the outcome of Greece's talks with private creditors and weak demand for gasoline in the U.S.
This morning, the U.S. dollar was paring recent gains versus the euro and lingering around its weekly-low against sterling. The buck was moving lower versus the Swiss franc and the yen.
During this week, traders may focus on the National Association of Realtors' pending home sales index for December, the new home sales report for December, the weekly jobless claims, the Commerce Department's durable goods orders report for December and the advance fourth quarter GDP report.
Also, focus will be on crude oil inventories data from the API, due out Tuesday after the market hours, and the EIA due out the subsequent day.
